It’s City Giving Day!City Giving Day is when the employers and employees of the City of London unite behind a common cause to raise money, recruit volunteers and have fun. It’s a great day for some of the biggest employers to give back and allow their staff to get involved with causes they really care about.
There are currently 5000 people who work in the City, which represents 1 in 58 employees across the UK. This group of people represents a huge opportunity to raise a lot of money for great causes.
We want to make sure that money is getting to charities in the most tax efficient way possible and employees are giving to charity through Payroll Giving. Payroll Giving allows employees to donate to good causes through their pay and is the most tax efficient way to donate to charity. It’s a great way to show your employees you care about the causes they care about. It’s a very simple employee benefit for businesses to introduce and operate, plus it forms a key strand of any CSR community plan.
However uptake remains low in the City. Currently only 44% of the City firms who signed up to City Giving Day this year offer the scheme and if the rest of the firms signed up, it will make a huge difference to charities. Therefore, the Geared for Giving Campaign, along with our Founding Partners BT, are calling on the 214 employers who are City Giving Day supporters without Payroll Giving to implement the scheme before 2020 so their employees can give to charities close to their hearts in the most tax efficient manner. Payroll Giving is free and simple to set up and does not require any new technology.
Additionally, for a higher rate taxpayer, charities benefit even more, receiving 66% or 81% extra on top of their donation, unlike any other form of giving. So, a monthly donation of £10 is therefore worth £16.65 or £18.18 to the charity supported.
At BT employees love the scheme and currently 12% of employees donate over £2.7m each year.
You can read more about our campaign and get involved at www.gearedforgiving.org.